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실물옵션과 항만개발의 경제성 평가

Author

황두건, 이기환

Journal Title

해운물류연구

Publication Year

2007

Topics

#Economics and Finance

Summary

This study compares and analyzes the economic feasibility of the Incheon Namhang international passenger terminal breakwater construction project using real options and the DCF method. The results show that the investment value using real options is higher than that using the DCF method, but the economic feasibility is still negative, which is interpreted as reflecting the flexibility of port development in response to future uncertainties. The real option approach using the contraction option showed a significant difference from the conventional DCF valuation, suggesting the potential for utilizing real options as a supplement to the DCF method in port preliminary feasibility studies.

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